Pinterest Lays Off 15% of Workforce, Shifts Focus to AI

• Pinterest announced plans to lay off just under 15% of its global workforce, impacting hundreds of employees.
• The job cuts are part of a strategic shift to reallocate resources and budgets towards artificial intelligence-related work and AI-driven features.
• The company is also changing how teams are structured, how it sells ads, and how it works with businesses, leading to job eliminations.
• Pinterest expects to incur costs between 35 million and 45 million dollars for severance, office closures, and other restructuring expenses.
• The move reflects a broader trend in the tech industry where companies are cutting jobs while increasing investment in AI, similar to Amazon's recent actions.

Why It Matters: Pinterest is cutting 15% of its staff to prioritize AI, reflecting a major tech industry trend.